Huawei Technologies Co Ltd., a Chinese tech giant, estimated on Friday its 2022 revenue remained flat, hinting toward the fact that its sales decline due to U.S. sanction had come to a halt.
Rotating chairman Eric Xu revealed the figure in the company’s annual New Year’s letter. Despite a mere increase in sales by 0.02%, the chairman’s tone was an upbeat one.
“U.S. restrictions are now our new normal, and we’re back to business as usual,” wrote XU in the letter addressing the staff, which was released to the media.
According to XU, the revenue is expected to be 636.8 Billion yuan ($91.53 Billion) for this year.
This year’s revenue is a tiny increase from 2021, when the revenue was 636.8 billion yuan, and marked a 30% year-on-year sales tumble as the U.S. sanctions took effect.
The full annual results of the company are usually disclosed in the following year’s first quarter. Hence, Xu’s letter did not mention Huawei’s profitability.
As compared to the $122 billion revenue in 2019, revenue for 2022 remained well below the company’s record. During 2019, the company was sitting at the top as the top Android smartphone vendor globally.
In 2019, owing to national security concerns, the U.S. Trump administration imposed a trade ban on Huawei barring the company from using Alphabet Inc’s Android for its new smartphones.